US-based insurance technology company Exzeo Group is eyeing a valuation of up to $2bn through an initial public offering (IPO) in the US. 

The company aims to raise approximately $176m by issuing eight million shares priced between $20 and $22 each. 

As the federal government shutdown shows no sign of ending, some corporate issuers are invoking the seldom-used 20-day rule to move forward with IPOs, reported Reuters. 

Last week, the Securities and Exchange Commission (SEC) loosened rules to make IPOs easier during the government shutdown, though legal advisers say the change is unlikely to trigger a surge of offerings. 

Earlier this year, HCI Group – the parent company of Exzeo – said it would spin off the insurtech operator but later shifted course and opted for an IPO instead. 

For the IPO, Exzeo, which was earlier known as TypTap Insurance, will offer all primary shares and HCI will maintain its majority ownership post-listing. 

The company has also granted underwriters a 30-day option to buy up to an additional 1.2 million shares at the IPO price, in addition to applicable discounts and commissions. 

Exzeo has sought to list its common stock on the New York Stock Exchange under the ticker symbol ‘XZO’. 

The registration statement for the IPO is expected to become effective automatically on 4 November 2025, unless further SEC action occurs. 

Truist Securities served as the bookrunner for the offering, with Citizens Capital Markets and William Blair as joint active book-running managers, and Fifth Third Securities as a co-manager. 

HCI Group is a holding company with two distinct units. The first unit includes four insurance companies, a captive reinsurance company, and operations in claims management and real estate. 

The second unit, Exzeo Group, offers advanced underwriting algorithms and data analytics to enhance underwriting outcomes for property and casualty insurers. 

TypTap Insurance Group submitted a draft registration for the US IPO in 2021 but abandoned the plan in 2023.